Oil prices drop after Iran and Oman continue Hormuz talks
Oil prices slid on Thursday after Iran and Oman continued talks about managing the Strait of Hormuz, a key route for global oil shipments.
Brent crude dropped below $90 per barrel, and US WTI fell under $83, calming worries from earlier price spikes.
The negotiations come at a tense moment in the region, with fresh US strikes on Iran adding to the uncertainty.
Proposal: Iran 1-way Oman the other
Under the proposal, Iran would manage traffic in one direction while Oman oversees the reverse, after rejecting Oman's earlier plan to split control evenly.
The Strait of Hormuz is super important; it moves nearly 20% of the world's seaborne oil.
But it's still at risk from threats, and a separate Black Sea incident led to tanker reroutes.
Iran's Guard says it controls Strait
Amid these talks, Iran's Revolutionary Guard has warned against outside interference and says it now fully controls the Strait following recent US actions.
All this keeps the global oil supply on edge, making every move here worth watching.